Latest Ratios: P/E Ratio 44.4x · EV/EBITDA 8.1x · ROE 5.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $43.9B | $33.9B | $29.7B | $45.8B | $27.4B | $27.3B | $26.6B | $33.2B | $30.2B | $33.0B | $26.8B |
| Enterprise Value | $52.2B | $42.2B | $35.3B | $113.6B | $229.1B | $182.8B | $166.0B | $140.3B | $96.8B | $157.9B | $200.4B |
| P/E Ratio → | 44.44 | 34.85 | 23.75 | 0.70 | 1.13 | 1.38 | — | 1.64 | 1.34 | 0.82 | 1.29 |
| P/S Ratio | 0.94 | 0.73 | 0.79 | 0.07 | 0.05 | 0.05 | 0.05 | 0.07 | 0.06 | 0.07 | 0.07 |
| P/B Ratio | 2.36 | 1.85 | 1.62 | 0.12 | 0.08 | 0.08 | 0.09 | 0.10 | 0.09 | 0.10 | 0.09 |
| P/FCF | 27.26 | 21.03 | 21.47 | 3.96 | 0.68 | 0.52 | 0.81 | 0.91 | 1.26 | 2.07 | 0.93 |
| P/OCF | 11.14 | 8.59 | 8.53 | 0.92 | 0.38 | 0.37 | 0.50 | 0.54 | 0.64 | 0.82 | 0.53 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.90 | 0.94 | 0.16 | 0.38 | 0.36 | 0.34 | 0.28 | 0.21 | 0.36 | 0.50 |
| EV / EBITDA | 8.09 | 6.54 | 7.90 | 1.50 | 2.46 | 2.57 | 2.73 | 2.09 | 1.61 | 2.85 | 3.94 |
| EV / EBIT | 13.04 | 10.67 | 11.42 | 2.09 | 3.65 | 3.49 | 4.51 | 2.95 | 2.36 | 4.15 | 5.56 |
| EV / FCF | — | 26.18 | 25.52 | 9.83 | 5.71 | 3.46 | 5.02 | 3.84 | 4.03 | 9.90 | 6.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 41.1% | 39.8% | 40.5% | 40.8% | 38.5% | 37.8% | 37.3% | 36.8% | 37.1% |
| Operating Margin | 8.6% | 8.6% | 8.9% | 8.2% | 10.7% | 10.6% | 8.7% | 9.7% | 9.1% | 9.2% | 9.4% |
| Net Profit Margin | 2.3% | 2.3% | 3.4% | 9.3% | 4.0% | 5.6% | -0.4% | 4.1% | 5.1% | 9.6% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 0.6% | 18.3% | 7.1% | 8.9% | -0.6% | 6.3% | 7.1% | 13.6% | 8.0% |
| ROA | 2.5% | 2.5% | 0.3% | 8.2% | 3.1% | 4.0% | -0.3% | 3.4% | 4.1% | 7.5% | 4.4% |
| ROIC | 11.9% | 11.9% | 1.1% | 8.8% | 9.3% | 8.6% | 7.3% | 8.9% | 7.5% | 6.6% | 7.4% |
| ROCE | 12.6% | 12.6% | 1.0% | 9.3% | 10.4% | 9.2% | 8.0% | 10.1% | 9.0% | 8.6% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.67 | 0.62 | 0.84 | 0.75 | 0.80 | 0.53 | 0.38 | 0.66 | 0.76 |
| Debt / EBITDA | 2.21 | 2.21 | 2.76 | 3.08 | 3.07 | 3.55 | 4.07 | 2.57 | 2.14 | 4.01 | 4.28 |
| Net Debt / Equity | — | 0.45 | 0.31 | 0.18 | 0.60 | 0.46 | 0.45 | 0.33 | 0.20 | 0.37 | 0.61 |
| Net Debt / EBITDA | 1.29 | 1.29 | 1.25 | 0.90 | 2.17 | 2.18 | 2.30 | 1.59 | 1.11 | 2.26 | 3.42 |
| Debt / FCF | — | 5.15 | 4.04 | 5.86 | 5.02 | 2.95 | 4.22 | 2.93 | 2.77 | 7.83 | 6.04 |
| Interest Coverage | 3.87 | 3.87 | 3.66 | 3.17 | 4.34 | 3.50 | 2.32 | 4.24 | 4.07 | 3.27 | 5.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 1.69 | 1.95 | 1.28 | 1.69 | 1.70 | 1.26 | 1.75 | 1.73 | 1.37 |
| Quick Ratio | 1.02 | 1.02 | 1.35 | 1.63 | 0.93 | 1.32 | 1.31 | 0.95 | 1.38 | 1.38 | 0.97 |
| Cash Ratio | 0.61 | 0.61 | 0.90 | 1.05 | 0.47 | 0.89 | 0.91 | 0.57 | 0.92 | 0.94 | 0.51 |
| Asset Turnover | — | 1.06 | 0.92 | 0.87 | 0.75 | 0.69 | 0.72 | 0.79 | 0.81 | 0.75 | 0.73 |
| Inventory Turnover | 7.19 | 7.19 | 6.82 | 7.27 | 5.71 | 5.88 | 6.64 | 7.44 | 7.92 | 7.70 | 7.25 |
| Days Sales Outstanding | — | 34.25 | 32.47 | 39.33 | 39.80 | 37.66 | 20.92 | 21.35 | 21.88 | 26.81 | 20.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.4% | 8.2% | 4.1% | 26.7% | 63.8% | 49.1% | 59.6% | 41.0% | 42.8% | 37.7% | 45.0% |
| Payout Ratio | 256.9% | 256.9% | 93.8% | 18.6% | 73.2% | 47.0% | — | 65.8% | 53.9% | 29.4% | 57.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 2.9% | 4.2% | 143.5% | 88.6% | 72.7% | — | 61.2% | 74.4% | 121.6% | 77.5% |
| FCF Yield | 3.7% | 4.8% | 4.7% | 25.2% | 146.2% | 193.4% | 124.1% | 110.0% | 79.5% | 48.4% | 107.3% |
| Buyback Yield | 1.6% | 2.0% | 3.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.0% | 10.2% | 7.3% | 26.7% | 63.8% | 49.1% | 59.6% | 41.0% | 42.8% | 37.7% | 45.0% |
| Shares Outstanding | — | $335M | $347M | $351M | $351M | $351M | $351M | $351M | $351M | $351M | $351M |
Divestiture-driven accounting volatility
As reported in recent financial filings, FMX trades at a trailing P/E of 44.44, a multiple that appears elevated relative to historical norms and suggests that investors are pricing in significant future growth from the digital financial services segment rather than current core retail earnings.
The forward P/E of 22.93 indicates that the market expects a substantial normalization of earnings as the company moves past the noise of recent divestitures. Investors should monitor whether this valuation gap reflects a genuine conglomerate discount or a failure to properly account for the high-margin potential of the Spin by OXXO ecosystem.
Based on FMX's reported figures, the ROIC has remained suppressed at 2.4% in 2026Q1, a trend that highlights the difficulty of maintaining compounding returns during a period of aggressive asset realignment and the integration of international acquisitions like Valora.
The persistent volatility in ROIC, which dipped into negative territory in late 2023, suggests that the company's capital allocation strategy is currently in a transition phase. Analysts should investigate whether the recent decline in capital efficiency is a structural byproduct of the FEMSA Forward strategy or a temporary drag from non-core asset divestments.
According to quarterly data, FMX's cash conversion cycle has fluctuated wildly, reaching 10 days in 2026Q1 compared to 129 days in 2025Q4, which indicates that the company's operational efficiency is currently being obscured by the complexities of managing a multi-national supply chain.
The extreme variance in DSO and DIO metrics suggests that the company is struggling to maintain a consistent working capital rhythm as it shifts its geographic and operational focus. This instability warrants further investigation into whether the current supply chain management processes are sufficiently robust to support the company's long-term retail expansion goals.
As indicated by the company's unique business model, the P/S ratio is frequently misapplied to FMX, as it fails to account for the fact that the company only recognizes commission fees from financial services rather than the full transaction value processed through the OXXO network.
Using a standard retail P/S multiple obscures the true scale of the company's financial services footprint and its potential for high-margin data monetization. Analysts should instead focus on a sum-of-the-parts valuation that treats the proximity segment as a fintech-enabled platform rather than a traditional brick-and-mortar retailer.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FMX stock.
Fomento Económico Mexicano, S.A.B. de C.V.'s current P/E ratio is 44.4x. The historical average is 3.5x. This places it at the 100th percentile of its historical range.
Fomento Económico Mexicano, S.A.B. de C.V.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.2x.
Fomento Económico Mexicano, S.A.B. de C.V.'s return on equity (ROE) is 5.9%. The historical average is 9.5%.
Based on historical data, Fomento Económico Mexicano, S.A.B. de C.V. is trading at a P/E of 44.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fomento Económico Mexicano, S.A.B. de C.V.'s current dividend yield is 6.41% with a payout ratio of 256.9%.
Fomento Económico Mexicano, S.A.B. de C.V. has 40.6% gross margin and 8.6% operating margin.
Fomento Económico Mexicano, S.A.B. de C.V.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.